Advice on stucco

Big_Daddy

The stucco is deteriorating in several places on the my home's exterior. This includes a fireplace chimney, a heater flue chimney, and about 400 sq.ft. of wall. The fireplace chimney is fairly solid and just needs re-coat/sealing. The rest of it is in need to more repair, including the fact that the wall area stucco is just pasted onto black paper over cinder block (no wire at all).

My contractor wants to knock off all the loose stucco, install wire lathe over the remaining stucco and secure it to the cinder block, and then put stucco on top and paint it with Sherecrete. Does this sound like the way to go? The contractor sings the praises of Sherecrete. Is it as good as he says and is this a reasonable proposal?

Thanks!

Big Daddy